come Groupama?vabbeh , business in declino , equity 1 miliardo a fronte oltre 7 di debiti , perdita primi 9 mesi 300 milioni , perdite cumulate nei precedenti esercizi 3,7 miliardi jcp investors ....ma come si fa a comprar 'sta roba ?
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
Gaudente
Forumer storico
Groupama e' stata salvata dal corporativismo del sistema finanziario/assicurativo francese che ha voluto evitare lo shock del fallimento di uno dei suoi membri , ma non vedo chi possa avere interesse a parare il culo ad una catena di negozi di abbigliamento.
NEW ISSUE ALERT
DEAL DETAILS
Issuer Alpha Holding S.A. de C.V. "AlphaCredit"
Issue Size [TBD]
Expected Timing Books open. Pricing as early as Tuesday
Denomination USD 200'000 + 1'000
Guarantees The notes will be fully and unconditionally guaranteed on a Senior Unsecured Basis By All Of The Issuer’s subsidiaries
Expected Ratings B1 /B+ (Moody's/S&P)
Format 144A / RegS
Ranking Senior Unsecured Notes
Maturity December [], 2022 (5nc3)
Settlement Date December [], 2017 (T+5)
Ipt 10% area
Amortization Bullet
Interest Type Fixed – Semiannual (30/360)
Min Denoms US$200,000 x US$1,000
Use Of Proceeds Debt refinancing and general corporate purposes
Listing Singapore Exchange Securities Trading Limited
Governing Law New York
Marketing www.netroadshow.com (passcode: Lender27)
Bookrunners Barclays, Credit Suisse, UBS Investment Bank (B&D)
Source: UBS
PRICE GUIDANCE10% area
Source: UBS
ISSUER DESCRIPTION Alpha Holding, S.A. de C.V. operates as a holding company. The Company, through its subsidiaries, provides commercial finance services. Alpha Holding serves customers in Mexico and Colombia.
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ALPHACREDIT
ATTRACTIVE PREMIUM TO COMPETITORS
TRADE DETAILS
Alpha Holding, S.A. de C.V., a leading Mexican consumer financing provider, is offering a new 5nc3 bond in USD over $300mn (tbc), to refinance existing debt ($200mn) and increase its liquidity position ($100mn). Moody’s and S&P assigned a rating of B1 respectively B+. The privately owned company was established 2011 in Mexico and predominantly grants payroll-deducted loans to federal and state government employeesof Mexico and finance services to small and medium sized enterprises. Alpha Credit is active in Mexico and Colombia with 179 respectively 10 branches and a sales force of +3100.
Alpha Credit’s loan portfolio is highly biased towards Payroll Deduction Loans in Mexico, which account for almost 85% of its business and PDLs in Colombia for ~7%. The rest of its portfolio consists of loans to SMEs in Factoring, Leasing and other loans. While the NPL ratio is at 0% for SME loans, the company’s NPL ratio is dominated by non-performing PDLs, which has been at 6% in the last 9mths. While the average annual yield on SME loans is 20%, Mexican payroll loans pay 52% which in our view clearly offsets the higher NPL ratio. The SME business performed particularly well over the past few months and while it was just 2% of the business per 4Q2016, it accounts now for 27%. The expanding SME business is likely to reduce the average NPL ratio given Alpha’s successful track record with 0% NPL ratio in that segment. The finance provider is exposed to political risk since it mainly provides payroll deducted loans to government employees – if the government changes, Alpha might lose its rights.
In its assessment, Moody’s highlights its expectation of stable cash flow generation and the good track record in accessing a wide range of funding sources, as well as Alpha’s strong loan loss reserves with liquid assets and committed facilities covering debt maturities over the coming 2yrs by 120%.
Given Alpha has a strong focus on Mexico, it materially depends on the Mexican economy. Currently, our in-house Research is positive on EM hard currency, medium term bonds issued by corporates in Mexico, highlighting the expanding economy (though momentum has decreased) and sees inflation at its peak while interest rates will remain at current levels or even decrease; this scenario is supportive for consumer financing.
We like the prospects for Alpha, since its loan portfolio experienced significant growth over the past years and as Mexico and Colombia are considered underpenetrated markets for consumer finance, there is room for growth. Alpha works towards a more diversified LP and increased its business in SMEs, this will drive independency of the government which reduces overall political risk to its business.
Alpha’s main competitor in Mexican consumer finance are Credito Real and Financiera Independencia. We like Alpha’s focus on secured financing via payroll-deducted loans and its increasing business in SME, but reckon that Credito Real has a materially lower NPL ratio, while FINDEP’s is comparable. Credito Real’s portfolio is around 5x, FINDEP’s 1.5x of Alpha, and both companies are publicly traded, while Alpha is privately owned. All in all, this results in a rating three notches lower to Credito Real and one notch lower to FINDEP based on S&P.
On average, B+ to BB+ trades with a premium of about 150bp. Given the cyclical nature of its business (volatility tends to hurt smaller companies more than bigger companies), the political exposure and the fact, the company is not publicly traded, 150bp does not compensate enough, according to our view. At IPT 10%, Alpha is indicated to price ~430bp over CREAL which we think does well compensate for incorporated risk and like the bond at this price.
FINDEP’s bond with a comparable tenor trades ~500bp over Swap. Since FINDEP is publicly traded, slightly larger and rated 1notch better by S&P, Alpha will trade at a premium to FINDEP. The currently indicated premium of 275bp we consider as enough for the slightly increased risk and like the bonds from this perspective too. All in all, we recommend to participate and see potential that the bonds may trade to 7.5% yield if the market environment stays friendly and the company continues to perform well.
DEAL DETAILS
Issuer Alpha Holding S.A. de C.V. "AlphaCredit"
Issue Size [TBD]
Expected Timing Books open. Pricing as early as Tuesday
Denomination USD 200'000 + 1'000
Guarantees The notes will be fully and unconditionally guaranteed on a Senior Unsecured Basis By All Of The Issuer’s subsidiaries
Expected Ratings B1 /B+ (Moody's/S&P)
Format 144A / RegS
Ranking Senior Unsecured Notes
Maturity December [], 2022 (5nc3)
Settlement Date December [], 2017 (T+5)
Ipt 10% area
Amortization Bullet
Interest Type Fixed – Semiannual (30/360)
Min Denoms US$200,000 x US$1,000
Use Of Proceeds Debt refinancing and general corporate purposes
Listing Singapore Exchange Securities Trading Limited
Governing Law New York
Marketing www.netroadshow.com (passcode: Lender27)
Bookrunners Barclays, Credit Suisse, UBS Investment Bank (B&D)
Source: UBS
PRICE GUIDANCE10% area
Source: UBS
ISSUER DESCRIPTION Alpha Holding, S.A. de C.V. operates as a holding company. The Company, through its subsidiaries, provides commercial finance services. Alpha Holding serves customers in Mexico and Colombia.
------------------------
ALPHACREDIT
ATTRACTIVE PREMIUM TO COMPETITORS
TRADE DETAILS
Alpha Holding, S.A. de C.V., a leading Mexican consumer financing provider, is offering a new 5nc3 bond in USD over $300mn (tbc), to refinance existing debt ($200mn) and increase its liquidity position ($100mn). Moody’s and S&P assigned a rating of B1 respectively B+. The privately owned company was established 2011 in Mexico and predominantly grants payroll-deducted loans to federal and state government employeesof Mexico and finance services to small and medium sized enterprises. Alpha Credit is active in Mexico and Colombia with 179 respectively 10 branches and a sales force of +3100.
Alpha Credit’s loan portfolio is highly biased towards Payroll Deduction Loans in Mexico, which account for almost 85% of its business and PDLs in Colombia for ~7%. The rest of its portfolio consists of loans to SMEs in Factoring, Leasing and other loans. While the NPL ratio is at 0% for SME loans, the company’s NPL ratio is dominated by non-performing PDLs, which has been at 6% in the last 9mths. While the average annual yield on SME loans is 20%, Mexican payroll loans pay 52% which in our view clearly offsets the higher NPL ratio. The SME business performed particularly well over the past few months and while it was just 2% of the business per 4Q2016, it accounts now for 27%. The expanding SME business is likely to reduce the average NPL ratio given Alpha’s successful track record with 0% NPL ratio in that segment. The finance provider is exposed to political risk since it mainly provides payroll deducted loans to government employees – if the government changes, Alpha might lose its rights.
In its assessment, Moody’s highlights its expectation of stable cash flow generation and the good track record in accessing a wide range of funding sources, as well as Alpha’s strong loan loss reserves with liquid assets and committed facilities covering debt maturities over the coming 2yrs by 120%.
Given Alpha has a strong focus on Mexico, it materially depends on the Mexican economy. Currently, our in-house Research is positive on EM hard currency, medium term bonds issued by corporates in Mexico, highlighting the expanding economy (though momentum has decreased) and sees inflation at its peak while interest rates will remain at current levels or even decrease; this scenario is supportive for consumer financing.
We like the prospects for Alpha, since its loan portfolio experienced significant growth over the past years and as Mexico and Colombia are considered underpenetrated markets for consumer finance, there is room for growth. Alpha works towards a more diversified LP and increased its business in SMEs, this will drive independency of the government which reduces overall political risk to its business.
Alpha’s main competitor in Mexican consumer finance are Credito Real and Financiera Independencia. We like Alpha’s focus on secured financing via payroll-deducted loans and its increasing business in SME, but reckon that Credito Real has a materially lower NPL ratio, while FINDEP’s is comparable. Credito Real’s portfolio is around 5x, FINDEP’s 1.5x of Alpha, and both companies are publicly traded, while Alpha is privately owned. All in all, this results in a rating three notches lower to Credito Real and one notch lower to FINDEP based on S&P.
On average, B+ to BB+ trades with a premium of about 150bp. Given the cyclical nature of its business (volatility tends to hurt smaller companies more than bigger companies), the political exposure and the fact, the company is not publicly traded, 150bp does not compensate enough, according to our view. At IPT 10%, Alpha is indicated to price ~430bp over CREAL which we think does well compensate for incorporated risk and like the bond at this price.
FINDEP’s bond with a comparable tenor trades ~500bp over Swap. Since FINDEP is publicly traded, slightly larger and rated 1notch better by S&P, Alpha will trade at a premium to FINDEP. The currently indicated premium of 275bp we consider as enough for the slightly increased risk and like the bonds from this perspective too. All in all, we recommend to participate and see potential that the bonds may trade to 7.5% yield if the market environment stays friendly and the company continues to perform well.
corradotedeschi
Forumer storico
Scusate ma HY in euro?a parte Astadi,ec...ce ne sono di possibili?grazie!
angy2008
Forumer storico
ci sono le famose Novo Banco, le Argentina e Grecia ma non sono HY come le Astaldi che però classificherei come distressed finchè non trova una soluzione.
angy2008
Forumer storico
non avevo notato la data e le seguo solo di striscio per ora
angy2008
Forumer storico
merita uno switch da Astaldi che ha numeri peggiori. L'elemento fortuna prevale in questi casi, vince chi indovina quale viene comprata da un concorrente più solido.vabbeh , business in declino , equity 1 miliardo a fronte oltre 7 di debiti , perdita primi 9 mesi 300 milioni , perdite cumulate nei precedenti esercizi 3,7 miliardi jcp investors ....ma come si fa a comprar 'sta roba ?
alessioto
Nuovo forumer
Non male questa
- ALDESA 01/04/2021 7,25% ISIN XS1028959754
